Chettinad Group is an Indian business conglomerate headquartered in Chennai. It was founded as the Annaamalai Chettiar Group by Annamalai Chettiar.[1][2][3][4][5]
History
The Chettinad Group was founded in January 1912 by Raja Sir Annamalai Chettiar, who was part of the Nagarathar community in Tamil Nadu.[6] In July 1962, the Chettinad Group expanded into the cement sector and launched Chettinad Cement.[7] In December 1984, after the death of M.A.Muthiah Chettiar, leadership passed to his son, M.A.M. Ramaswamy Chettiar, who became the group's head.[8] After the death of Ramaswamy Chettiar, leadership passed to his adopted son M.A.M.R.Muthiah, who became the group's head in 2015.
March 2011, Ennore Port (now Kamarajar Port) entered into a license agreement with Chettinad Group through a special purpose vehicle, Chettinad International Coal Terminal, for a build-operate-transfer (BOT) scheme.[9]
From January 2012 to 2013 Chettinad Cement Corporation partnered with its associate company, Chettinad Power Corporation, to fund a thermal power project in Tamil Nadu. Chettinad Cement invested around ₹1,300 crore in equity.[10]
In 2013 Chettinad Group partnered with private firms such as Breeze Enterprises, Mintra, Trans Earth Logistics, and Fossil Logistics, for logistics and coal movement.[9]
In 2020 November JSW Infrastructure acquired Chettinad Group’s port assets.[11]
In August 2015, the Income Tax Department conducted extensive raids on properties linked to the Chettinad Group, reportedly uncovering unaccounted income of over ₹300 crore, which included large caches of cash and jewellery. These raids were part of a larger crackdown on alleged financial irregularities within the group.[12]
Coal Handling Scam and Asset Attachment
In July 2024, the Enforcement Directorate provisionally attached immovable properties worth over ₹298 crore belonging to South India Corporation Pvt Ltd, a Chettinad Group company, under the Prevention of Money Laundering Act. This action stemmed from an investigation based on a Directorate of Vigilance and Anti-Corruption FIR against former officials of the Tamil Nadu Generation and Distribution Corporation and SICPL.[13] The probe found that a coal handling contract originally awarded for five months in 2001 continued for 19 years following repeated court injunctions, reportedly resulting in a loss of approximately ₹908 crore to TANGEDCO and a corresponding gain to SICPL.[14]
References
- ↑ The father, son and an unholy split within the Chettinad Group. Business Standard(20 June 2015). Retrieved 24 February 2021.
- ↑ ED searches in Chennai linked to officials of TANGEDCO, SIC lead to recovery of Rs 360 crore. The Indian Express(2023-04-28). Retrieved 2023-10-02.
- ↑ Chettinad Group evaded tax to the tune of Rs 700 crore: I-T, Sivapriyan, DHNS, E. T. B.. Deccan Herald. Retrieved 2023-10-02.
- ↑ Chettinad Group patriarch disowns son, pledges assets to charity, Leena, S. Bridget. mint(2015-06-09). Retrieved 2023-10-02.
- ↑ Chettinad Group: father-son row takes an ugly turn. BusinessLine(2015-05-24). Retrieved 2023-10-02.
- ↑ Trouble is brewing at Chettinad Group, Babu, Venkatesha. Business Today(2015-06-10). Retrieved 2025-10-29.
- ↑ A high-stakes family drama plays out at Chettinad group, Standard, Business. Business Standard(2014-09-09). Retrieved 2025-10-29.
- ↑ M A M Ramaswamy: Chettinad group co-founder dies at 84, Standard, Business. Business Standard(2015-12-03). Retrieved 2025-10-29.
- ↑ 9.0 9.1 Vivek Rao-Chettinad Group link under scrutiny, Chandramouli, Rajesh. The Times of India(2017-01-06). Retrieved 2025-10-29.
- ↑ Chettinad Cement to fund associate co's power project, Standard, Business. Business News, Finance News, India News, Stock Markets BSE/NSE News, SENSEX, NIFTY, Personal Finance News(2012-09-11). Retrieved 2025-10-29.
- ↑ JSW acquires Chettinad's port assets. The Times of India(2020-11-19). Retrieved 2025-10-29.
- ↑ I-T raids net Rs 300 crore Chettinad assets, Dipak K Dash, Sidhartha, Surojit Gupta. The Times of India(2015-08-17). Retrieved 2025-10-29.
- ↑ ED attaches properties worth ₹298.21 crore of South India Corporation Limited. The Hindu(2024-07-27). Retrieved 2025-10-29.
- ↑ Chennai News, S, Venkadesan. The Times of India(2024-07-27). Retrieved 2025-10-29.